Overview

The UK Projects portfolio comprised stakes in Ayrshire College, Elgin (a vehicle holding 16 project investments in health and education), Mersey Gateway Bridge, Octagon Hospital, the West of Duddon Sands offshore transmission owner project, as well as an LP interest in the Dalmore Capital Fund. The investments were made between 1997 and 2015.

Ayrshire College
A new college campus in Kilmarnock.

Mersey Gateway Bridge
A new 2 km tolled bridge over the Mersey river and 7 km of approach roads.

Octagon Hospital
A new 1,237 bed acute hospital in Norwich.

West of Duddon Sands (WoDS) offshore transmission owner project
WoDS comprises two submarine cables (under the east Irish sea) together with on- and offshore substations for exporting electricity from the 389 MW West of Duddon Sands offshore windfarm to the onshore grid.

Following the completion of the construction phase, 3i Infrastructure plc conducted a strategic review of the UK Projects portfolio in 2019. As a result, 3i Infrastructure plc agreed in December 2019 to sell the assets to various buyers including funds managed by Dalmore, Semperian and Innisfree for proceeds of c. £194m.

Highlights

• During our investment, we oversaw the successful construction of multiple projects across the UK
• Through our involvement in these projects, we helped to deliver a step change in the UK’s social and civil infrastructure as part of the wider UK PPP initiative
• We financed and managed the projects through their construction phase and into operation and the delivery of these projects was the catalyst for numerous social (e.g. enhanced teaching and healthcare facilities), economic (e.g. reduced journey times, job creation, supply chain) and environmental (e.g. clean renewable energy, land decontamination, improved wildlife habitats) benefits to the local communities